Business

Oil slips to near US$102 a barrel amid prospects of rising U.S. crude supplies

The Canadian Press -
Apr 23, 2014 / 7:16 am | Story:
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Photo: The Canadian Press. All rights reserved.

An oil pump works at sunset March 7, 2013, in the desert oil fields of Sakhir, Bahrain. THE CANADIAN PRESS/AP, Hasan Jamali

The price of oil fell two per cent to settle just above US$102 a barrel Tuesday as investors weighed expectations of rising U.S. crude stockpiles against tensions in Ukraine.

U.S. crude for May delivery dipped $2.24 a barrel to settle at US$102.13 in electronic trading on the New York Mercantile Exchange. On Monday, oil added seven cents to close at $104.37.

Brent crude, an international benchmark for oil, eased 68 cents to US$109.27 on the ICE Futures exchange in London.

Markets remain wary that possible new European or U.S. sanctions may disrupt Russian oil and gas exports. Pro-Russian insurgents in eastern Ukraine have occupied government buildings and set up checkpoints in demand of closer ties with Russia.

On Tuesday, U.S. Vice-President Joe Biden was in Kyiv, the capital of Ukraine, and called on Russia to work toward reducing tensions in the region.

In other energy futures trading in New York, wholesale gasoline was flat at US$3.10 a U.S. gallon (3.79 litres), heating oil lost one cent to US$3 a gallon and natural gas rose four cents to US$4.74 per thousand cubic feet.